Phoenix Group : Very robust operating momentum in H1 and a solid balance sheet
>Robust cash-flow generation - Phoenix released its H1 2020 earnings last Thursday. Its operating profit before financing costs reached £ 361m (+11% vs H1 2019), beating our forecast. Cash-flow generation was very healthy at £ 433m (+51% vs H1 2019), again far higher than expected (consensus £ 342m, ODDO BHF £ 292m), despite a capital injection of £ 50m into the group’s Irish subsidiary. ReAssure (acquisition finalised in July) also generated considerable cash-flow of...Phoenix Group Holdings is a closed life and pension fund consolidator. Co. manages manage life insurance funds which no longer actively sell new life or pension policies and which run-off gradually over time. Co. has one reportable segment, comprising its investment in and loans to/from Co.'s entities. Its revenue principally comprises the dividend and interest income derived from these investments and loans. As of Dec 31 2014, Co. had approximately 5.0 million policyholders and about £52.30 billion of total life company assets.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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